Many people may not realize the Social Security benefits they received in 2011 may be taxable. All Social Security recipients should receive a Form SSA-1099 from the Social Security Administration which shows the total amount of their benefits. You can use this information to help you determine if your benefits are taxable. Here are seven tips from the IRS to help you:

  1. How much – if any – of your Social Security benefits are taxable depends on your total income and marital status.
  2. Generally, if Social Security benefits were your only income for 2011, your benefits are not taxable and you probably do not need to file a federal income tax return.
  3. If you received income from other sources, your benefits will not be taxed unless your modified adjusted gross income is more than the base amount for your filing status (see below).
  4. Your taxable benefits and modified adjusted gross income are figured on a worksheet in the Form 1040A or Form 1040 Instruction booklet. Your tax software program will also figure this for you.
  5. You can do the following quick computation to determine whether some of your benefits may be taxable:
    • First, add one-half of the total Social Security benefits you received to all your other income, including any tax-exempt interest and other exclusions from income.
    • Then, compare this total to the base amount for your filing status. If the total is more than your base amount, some of your benefits may be taxable.
  6. The 2011 base amounts are:
    • $32,000 for married couples filing jointly.
    • $25,000 for single, head of household, qualifying widow/widower with a dependent child, or married individuals filing separately who did not live with their spouse at any time during the year.
    • $0 for married persons filing separately who lived together during the year.
  7. For additional information on the taxability of Social Security benefits, see IRS Publication 915, Social Security and Equivalent Railroad Retirement Benefits. You can get a copy of Publication 915 at www.irs.gov or by calling 800-TAX-FORM (800-829-3676).

TaxACT Free Federal and Deluxe Editions walk you step-by-step through tax matters related to Social Security benefits. Just answer simple questions and TaxACT will do the math and complete your forms. Start your return now.

Links:

  • Publication 915, Social Security and Equivalent Railroad Retirement Benefits.

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September 2015
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Upcoming Tax Dates

September 7 Everyone
Federal Holiday (Labor Day) - Details

September 10 Employees who work for tips
If you received $20 or more in tips during August, report them to your employer - Details

September 10 Communications and air transportation taxes under the alternative method.
Deposit the tax included in amounts billed or tickets sold during the first 15 days of August.

September 14 Regular method taxes
Deposit the tax included in amounts billed or tickets sold during the last 16 days of August.

September 15 Individuals
Make a payment of your 2015 estimated tax if you are not paying your income tax for the year through withholding (or will not pay in enough tax that way). Use Form 1040-ES. This is the third installment - Details

September 15 Corporations
File a 2014 calendar year income tax return (Form 1120) and pay any tax, interest, and penalties due. This due date applies only if you timely requested an automatic 6-month extension - Details

September 15 S Corporations
File a 2014 calendar year income tax return (Form 1120S) and pay any tax due. This due date applies only if you timely requested an automatic 6-month extension - Details

September 15 Partnerships
File a 2014 calendar year return (Form 1065). This due date applies only if you were given an additional 5-month extension - Details

September 15 Corporations
Deposit the third installment of estimated income tax for 2015 - Details

September 15 Social security, Medicare, and withheld income tax
If the monthly deposit rule applies, deposit the tax for payments in August.

September 15 Nonpayroll withholding
If the monthly deposit rule applies, deposit the tax for payments in August.

September 25 Communications and air transportation taxes under the alternative method.
Deposit the tax included in amounts billed or tickets sold during the last 16 days of August.

September 29 Regular method taxes
Deposit the tax for the first 15 days of September.

September 29 Regular method taxes (special September deposit rule)
Deposit the tax for the period beginning September 16 and ending September 26.

September 29 Communications and air transportation taxes under the alternative method (special September deposit rule).
Deposit the tax included in amounts billed or tickets sold during the period beginning September 1 and ending September 11.

September 30 Wagering tax
File Form 730 and pay the tax on wagers accepted during August.

September 30 Heavy highway vehicle use tax
File Form 2290 and pay the tax for vehicles first used in August.

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